The Iraqis are preoccupied with the “insane” rise in exchange rates and the developments of the “theft of the century.”

Baghdad: The rapid rise in the exchange rates of the dollar and the consequent insane rise in the prices of commodities and foodstuffs, in addition to the recent developments in what has become known as the “theft of the century”, are the most important concerns that dominate the Iraqi popular space these days after the end of the Arab Gulf Football Championship. In which the Iraqis were busy during the past two weeks, and Iraq was crowned champion of its 25th session.

The widespread public interest in these two issues put more pressure on the government of Prime Minister Muhammad Shia’a al-Sudani, whose government’s top priority was paying attention to the dollar’s exchange rates and fighting corruption.

The increasing pressure prompts the Sudanese prime minister to take advantage of any occasion to explain his government’s viewpoint on the issues of the exchange rate and the fight against corruption. The official, and this is part of an economic overall that needs a courageous response and effective solutions to end the wrong financial policies that the current government inherited.

He added, “We have taken a number of bold decisions to support and stabilize the Iraqi dinar, and we warn those who try to exploit the crisis and play on people’s needs.”
He continued, “The exchange rate did not rise as a result of a government decision, but rather because there were those who took advantage of the temporary conditions and turmoil in the markets that are not yet familiar with dealing with the new banking mechanisms, which will preserve the funds, which is an important step on the path to economic reform.”

And regarding the issue of combating corruption and the great confusion that is taking place these days about the judicial decision to lift the seizure and suspension of one of the companies accused of theft of the century, Nour Zuhair, Al-Sudani stressed “the priority of combating corruption, and our government continues to assign it to the judiciary and the competent authorities to pursue those wanted and work to recover the looted funds.”

Local financial and economic experts are talking about the effects of the US Federal Bank’s decision to reduce the amount of money (dollars) it gives to Iraq every month from Iraqi oil money deposited in US banks, as the “Federal” has recently resorted to a strict scrutiny of Iraq’s foreign imports, in an attempt to suspected operations Counterfeiting and smuggling large amounts of currency to neighboring countries, especially Iran, by providing Iraqi local banks with forged certificates and import documents to the Central Bank of Iraq to obtain large amounts of money to be paid in US dollars.

In this direction, the expert and professor of economics at the University of Basra, Nabil Al-Marsoumi, saw in a post yesterday that “the only solution currently available to stop the deterioration of the exchange rate of the dinar against the dollar lies in the formation of a high-level government delegation headed by Al-Sudani or the Minister of Finance with the governor of the Central Bank of Iraq and traveling to Washington to discuss the possibility of postponing work on the electronic platform at the US Federal Bank for a period ranging from 6 months to a year, which prohibits 80 percent or more of daily dollar transfers to Iraq.

He added that the transfers “previously totaled more than $250 million on some days, due, among other things, to insufficient information regarding the destination of these funds or due to other errors.” Some specialists speak of a decrease in the level of transfers to less than 50 million dollars, which caused the large increase.

The rise in the exchange rates of the dollar and its crossing of the ceiling of 1,650 dinars against one dollar, was reflected in the form of an insane rise in the prices of commodities and foodstuffs, which rose in some cases to double, especially in basic materials, such as edible oil, flour and sugar.

Yesterday, the Iraqi authorities resorted to a massive campaign of arrests of speculators and exchange offices in the Kifah and Shorja markets in an attempt to curb the rise in the price of the dollar, which created great turmoil in the markets and prompted many merchants to direct harsh criticism of the Sudanese government, and they see that it is trying to cover up its failure to restore The stability of exchange rates, which is expected to touch the ceiling of 2000 dinars per dollar in the coming days.

In turn, the Central Bank of Iraq confirmed, yesterday, Saturday, that the use of electronic payment tools will be circulated in the government and private sectors in a binding manner, in an attempt to obtain the Iraqi dinar, as most Iraqis prefer to deal with “cash” and keep their money in homes and do not trust dealing with Governmental and private banks.

The deputy governor of the bank, Ammar Hamad Khalaf, said in a statement to the official Iraqi News Agency, “The cabinet’s decision to activate electronic payment in all joints aims to reduce the use of “cash” and increase dealing with funds electronically through the use of cards, which is an important complement to the salary localization project that began its implementation since several years”.

He added, “The decision will enable the bank to implement a mechanism that enables employees to receive their salaries through the payment cards currently used, such as the MasterCard, and it is filled in their bank balance without the need to receive money (cash).”

He stressed that “payment via electronic devices will reduce cash circulation, and it is better in terms of saving money and safer than transferring it.”

In another development, about 50 deputies in the Federal Parliament collected signatures to amend the customs tariff on foodstuffs due to the high exchange rate of the dollar, which led to negative effects on foodstuffs and consumer goods.

The deputy head of the Parliamentary Investment and Development Committee, Hussein Al-Sabri, said, in press statements, that “a group of deputies in various committees collected signatures regarding the amendment of the customs tariff.

Aawsat.com

Parliamentary movement to dismiss the governor of the Central Bank: his competence is in violation and he refuses to disclose the list of sales

Yes Iraq: Baghdad… Today, Representative Amir Al-Mamouri revealed that he is working to end the assignment of the central bank governor.

Al-Mamouri said in a statement that “work has been done with the rest of the deputies to end the assignment of the central bank governor based on the oversight role and in violation of the provisions of Article (13) of Central Bank Law No. House of Representatives and to be experienced and specialized in banking, financial or economic affairs).

And he added, “The competence of the governor currently assigned is contrary to the required jurisdiction, and whoever manages this site must be one of the specialists in banking, financial, or economic affairs, in addition to the governor’s refraining from announcing and sending the daily bulletin of sales of the foreign currency auction window to the House of Representatives constitutes an explicit violation.” to the legal provisions in force.

And he stressed that “today we are witnessing the rise in the exchange rates of the dollar against the Iraqi dinar, which negatively affected the citizens and without moving a finger from the government.”

Yesiraq.com

87 Billion Dollars Have Been Smuggled From Iraq In 6 Years…

Earth News / Two deputies in the Parliament of the Kurdistan Region confirmed today, Sunday, the existence of smuggled funds from Iraq, with a value of more than $87 billion, in just 6 years, while they indicated the involvement of 4 banks inside the region.

Representatives Soran Omar and Ali Hama Salih stated, in a joint statement, that “over the past six years, 78 billion dollars have been sent from 48 banks without registering the names of those who smuggled dollars out of Iraq, and four of these banks are in the Kurdistan region.”

The statement added that “in the year (2009 – 2010 – 2011 – 2012 – 2013 – 2014), about 128 thousand and 165 transfers were transferred outside Iraq amounting to (209 billion 999 million dollars), of which 19 thousand and 93 transfers did not know anyone around them from Iraq, amounting to 78 billion 583 million dollars!

And he continued, “The 78 billion dollars that were transferred without restrictions or the name of anyone and were taken abroad through 48 banks! “.

The banks include the following:

Erbil Bank 3 billion and 619 million dollars.

North Bank 3 billion 916 million dollars.

Kurdistan Bank one billion and 961 million dollars.

Cihan Bank 1.283 billion dollars.

He pointed out that “a total of 10 billion 781 million dollars left Iraq from these four banks without the names of the senders!”

Earthiq.news

The “National Awareness” movement confirmed its support for the protest against the high price of the dollar

Earth News / The “National Awareness” movement confirmed its support for the central protest against the high price of the dollar, while its organizations and formations called for a descent next Wednesday, at twelve o’clock in the afternoon in front of the headquarters of the Central Bank in the capital Baghdad.

Earthnews.iq

Saudi Arabia Says Open to Settling Trade in Other Currencies

Saudi Arabia is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister.

“There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Mohammed Al-Jadaan told Bloomberg TV on Tuesday in an interview in Davos.

“I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world,” Al-Jadaan said.

The world’s largest oil exporter, which has maintained a currency peg to the dollar for decades, is seeking to strengthen its relations with crucial trade partners including China. The kingdom is a pillar a petrodollar system established in the 1970s that relies on pricing crude exports in the US currency.

During President Xi Jinping’s visit to Riyadh last year, the two countries agreed to boost coordination on energy policy and exploration. During that trip Xi said that China would make efforts to buy more oil from the Middle East and also wanted to settle that trade in the yuan.

“We enjoy a very strategic relationship with China and we enjoy that same strategic relationship with other nations including the US and we want to develop that with Europe and other countries who are willing and able to work with us,” Al-Jadaan said.

Saudi Arabia is also working with multilateral institutions to provide support to Pakistan, Turkey and Egypt, as part of the kingdom’s largesse to nations it deems “vulnerable,” Al-Jadaan said.

“We are investing heavily in these countries and will continue to look for opportunities to invest,” Al Jadaan said. “It’s very important to bring stability.”

The minister said his country is looking to invest $10 billion in Pakistan. It already extended the term of a $3 billion deposit to boost its foreign-currency reserves late last year, and Saudi Arabia is now exploring the possibility of increasing the amount.

“We are providing even oil and derivatives to support their energy needs,” Al Jadaan said. “So there is a lot of efforts, but we wanted this to be conducted.”

The kingdom is also discussing with the World Bank and other institutions how can it be “more creative to provide that support” to Pakistan, the minister said.

Saudi Arabia is also “providing a lot of support to Egypt and we’ll continue to — not directly through just grants and deposits, but also through investments,” Al-Jadaan said.

— With assistance by Mirette Magdy

Bloomberg.com

BGG ~ This is EXACTLY why we steer clear of opinion and speculation. One guy’s opinion that it won’t happen or will happen or when it will happen is just that… OPINION – having nothing to do with actual facts. This is why we prefer to stick with hard news and information.

Iraq is talking about their currency and it’s value almost every single day. The set of events I have discussed recently are now being talked about in MAINSTREAM outlets.

Stick to news.

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A researcher puts forward a “terrifying” scenario regarding 90% of the Iraqi currency

Baghdad: The economic researcher Manar Al-Obeidi put forward a disturbing hypothesis about 90% of the Iraqi currency printed by the Central Bank, which is outside the banking system, as he indicates that this money may not be hoarded by the Iraqis already, but may have been destroyed or fled abroad.

Al-Obaidi began his article by asking: “Is the Iraqi cash really hoarded?”, Noting that “according to the latest Central Bank data, the volume of cash outside the banking system is around 76 trillion Iraqi dinars, representing more than 90% of the volume of cash issued.”

He explained that “it is always explained that it does not appear in the banking system as hoarded in homes or among people due to the low level of financial inclusion,” adding, “But there are indications that may indicate that this money may not only part of it be hoarded, but part of it may be deliberately or deliberately destroyed.” fled abroad.”

He added, “The first factor is that the growth rate of cash currency issuance during the past years is not matched by the same growth rate of cash in the banking system, even if the percentage of cash in the banking sector is small, but its growth rate should be almost similar to the growth rate of the total cash currency issued as the currency grew.” Cash issued from 50 trillion to 80 trillion during the past two years, but it did not grow in the banking sector at the same level, as it rose from 5 trillion to 6.5 trillion only during the same period.”

And he continued: “The second matter, depending on the population of Iraq, the level of poverty and unemployment rates, ages, and the rates of residents in Iraq, the rate of hoarding money for every Iraqi person living in Iraq and not below the poverty level is about 3.5 million Iraqi dinars, meaning that the rate of hoarding money for every Iraqi family is about 20 One million Iraqi dinars, and this also contradicts reality.

And he pointed out that “the third thing is that the percentage of cash in banks does not rise much with the increase in interest rates offered by banks and the incentives offered by banks to attract this money, although many of these offers are of great interest and certainly will not attract all the money outside the banks, but it is undoubtedly It should have affected, even if by a small percentage, the percentage of the issued cash.”

And he considered that “all this leads to saying that the cash is not hoarded by the Iraqis, but rather it is either damaged or fled, or that it is present in a parallel banking system that is far from control and is controlled by parties that have nothing to do with the decision-making authorities in Iraq.”

Yesiraq.com

A new announcement by the Central Bank on the exchange rate of the dollar

{Economic: Al Furat News} The Central Bank of Iraq issued a new clarification regarding the high exchange rate of the dollar.

The bank’s advisor, Ihsan Al-Yasiri, said in a press statement today, Wednesday, that: “The rise in the exchange rate of the dollar against the Iraqi dinar is a result of the development of an electronic platform to ensure that the dollar reaches directly to the people who benefit from it without going through additional episodes.”

Al-Yasiri pointed out that, “The Central Bank asked merchants to go to the official centers, which are the official banks, in addition to selling the dollar directly to travelers, and these measures affected the exchange rate of the dollar,” stressing that “this situation is temporary and balance will return to the market.”

About a month ago, the exchange rate of the dollar against the Iraqi dinar has been witnessing a continuous fluctuation between a continuous decrease and increase in the Iraqi markets.

The Central Bank of Iraq deals with 14 banks in the currency auction, and these are the banks that adhere to the bank’s terms, and the Monetary Services Court dismissed the claims of four banks against the bank’s governor, after the bank stopped selling the dollar to the four banks on November 6, 2022.

The Central Bank of Iraq is currently monitoring 11 banks, and it is likely that a number of these banks will be included in the four banks that it does not deal with.

Alforatnews.iq

Iraqi Govt Props Up Value of Iraqi Dinar

By John Lee.

The Iraqi Cabinet has agreed a package of measures aimed at propping up the value of the Iraqi dinar, following continued downward pressure on the currency relative to the dollar:

1. All government agencies are required to sell all goods and services inside Iraq based on the Central Bank USD exchange rate of 1470 IQD per 1 USD.

2. What was stated in Paragraph (1) above includes sales of goods and services from the private sector, especially the offices of national and foreign airlines, commercial agencies, telecommunications and Internet companies, and sales of residential investment complexes. It is emphasized that the prices of goods and services are in Iraqi dinars based on the Central Bank exchange rate.

3. The Central Bank sells dollars to the parties mentioned in Paragraph (2) at a rate set by the Central Bank of 1460 IQD per 1 USD for remittances and 1455 IQD per 1 USD to cover letters of credit after they pledge to sell using Iraqi Dinar. It will be announced on the official websites of the concerned authorities of sales outlets.

4. The Central Bank of Iraq develops a streamlined mechanism within one week from the date of the decision, through which the private sector mentioned in paragraphs (2 and 3) above can get US dollars at the official exchange rate. The bank also secures private sector transfers outside Iraq at the official exchange rate to cover their obligations.

The decison was made at this week’s cabinet meeting, chaired by Prime Minister Muhammad Shia Al-Sudani.

Iraq-businessnews.com

The Sudanese government obliges all of its institutions to deal in the Iraqi dinar

Shafaq News / The Ministerial Council of the Iraqi Economy took, on Monday, a number of economic decisions, including obligating all ministries and state institutions to pay wages for goods and services in dinars.

This came, during the presidency of the Deputy Prime Minister, Minister of Foreign Affairs, Fuad Hussein, the meeting of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, Minister of Planning, the Ministers of Finance, Trade, Industry, Agriculture, Labor and Social Affairs, the Secretary General of the Council of Ministers, the Governor of the Central Bank of Iraq, and the Chairman of the Commission The National Investment Agency is an agency, and the Prime Minister’s advisors for economic and legal affairs, according to a statement received by Shafaq News agency.

At the beginning of the meeting, the council discussed, according to the statement, the draft law of the state’s general budget and the revenues and expenditures contained therein. It also discussed the economic issues on its agenda, and took many important economic decisions.

Among these decisions is obligating all state ministries and institutions to pay wages for goods and services in Iraqi dinars, and whoever chooses from the private sector to have sales as mentioned above, provided that the Central Bank of Iraq compensates those amounts in dollars and at the official rate, in order to fulfill their obligations and purchases outside Iraq.

The Ministerial Council of Economy agreed that the Central Bank of Iraq would contract with the “Zaha Hadid” Foundation to design the Central Bank building in Nineveh Governorate.

Shafaq.com